"Assured Guaranty, through its subsidiaries, is a leading provider of financial guaranties and credit enhancement products to investors, financial institutions and other participants in the global capital markets."

* Dominant position in the bond insurance industry. * Underwriting focus on the low-risk U.S. public finance market. * Well capitalized on a combined basis, with a margin of safety well in excess of the ‘AAA’ minimum. * Strong enterprise risk-management strategy.

Assured Guaranty Ltd. (AGL) is a holding company that provides, through its operating subsidiaries, credit protection products to the public finance, infrastructure and structured finance markets in the United States, as well as internationally. AGL operates in four segments: financial guaranty direct, financial guaranty reinsurance, mortgage guaranty and other. The Company primarily conducts its business, through subsidiaries located in the United States, Europe and Bermuda. AGL's principal operating subsidiaries include Assured Guaranty Corp. (AGC), Assured Guaranty Municipal Corp. (AGM), and Assured Guaranty Re Ltd. (AG Re). On July 1, 2009, the Company acquired Financial Security Assurance Holdings Ltd. and its subsidiaries from Dexia Holdings, Inc.

Mr. Walter A. Scott is Director of Assured Guaranty Ltd. Mr. Scott was Chairman, President and Chief Executive Officer of ACE from 1991 until his retirement in 1994 and President and Chief Executive Officer of ACE from 1989 to 1991. Subsequent to his retirement he served as a consultant to ACE until 1996. Mr. Scott was a director of ACE from 1989 through May 2005. Prior to joining ACE, Mr. Scott was President and Chief Executive Officer of Primerica's financial services operations. Mr. Scott is currently Chairman of Beverage Acquisition Group LLC, a Vermont-based hard-cider company. Mr. Scott is an Emeritus Trustee of Lafayette College and a founding trustee of the Bermuda Foundation for Insurance Studies. Mr. Scott is an experienced insurance company executive who is very familiar with the Company's business. As a former chief executive officer of a public company, he has considerable executive leadership experience, as well as an understanding of the obligations of a public company.

Dominic J. Frederico President, Chief Executive Officer, Director

Held current title since: 2005

Director since: 2005

Officer since: 2003

Age: 57

Mr. Dominic J. Frederico is the President, Chief Executive Officer, Director of Assured Guaranty Ltd. Mr. Frederico served as Vice Chairman of ACE from 2003 until 2004 and served as President and Chief Operating Officer of ACE and Chairman of ACE INA Holdings, Inc. from 1999 to 2003. Mr. Frederico was a director of ACE from 2001 through May 2005. From 1995 to 1999 Mr. Frederico served in a number of executive positions with ACE. Prior to joining ACE, Mr. Frederico spent 13 years working for various subsidiaries of the American International Group. Mr. Frederico is a member of the Board of Trustees of Drexel University. Mr. Frederico has the most comprehensive knowledge of all aspects of the Company's operations as well as executive experience. He also has industry experience, which makes him both as an officer and as a director of AGL.

Mr. Robert B. Mills is the Chief Financial Officer of Assured Guaranty since January 2004. Mr. Mills was Managing Director and Chief Financial Officer—Americas of UBS AG and UBS Investment Bank from April 1994 to January 2004 where he was also a member of the Investment Bank Board of Directors. Previously, Mr. Mills was with KPMG from 1971 to 1994 where his responsibilities included being partner-in-charge of the Investment Banking and Capital Markets practice.

Mr. Sean W. McCarthy is the Chief Operating Officer of Assured Guaranty Ltd. Mr. McCarthy has been a director and the President and Chief Operating Officer of Assured Guaranty U.S. Holdings Inc. since July 2009. Mr. McCarthy has served as a director of AGMH since February 1999. Mr. McCarthy has been President and Chief Operating Officer of AGMH since January 2002, and prior to that time served as Executive Vice President of AGMH since November 1997. He has served as President and Chief Operating Officer of AGM since July 1, 2009; served as President of AGM from November 2000 until July 2009; and served as Chief Operating Officer of AGM from November 1997 until November 2000. Mr. McCarthy was named a Managing Director of AGM in March 1989, head of its Financial Guaranty Department in April 1993 and Executive Vice President of AGM in October 1999. He has been a director of AGM since September 1993. Prior to joining AGM in 1988, Mr. McCarthy was a Vice President of PaineWebber Incorporated.

Mr. Robert A. Bailenson has been Chief Accounting Officer of Assured Guaranty since May 2005 and has been with Assured Guaranty and its predecessor companies since 1990. In addition to this position, Mr. Bailenson serves as the Chief Accounting Officer of the Company's subsidiary, Assured Guaranty Corp; a position he has held since 2003. He was Chief Financial Officer and Treasurer of Assured Guaranty Re Ltd. from 1999 until 2003 and was previously the Assistant Controller of Capital Re Corp., which was acquired by ACE Limited in 1999.

Mr. James M. Michener is General Counsel and Secretary of Assured Guaranty since February 2004. Mr. Michener was General Counsel and Secretary of Travelers Property Casualty Corp. from January 2002 to February 2004. From April 2001 to January 2002, Mr. Michener served as general counsel of Citigroup's Emerging Markets business. Prior to joining Citigroup's Emerging Markets business, Mr. Michener was General Counsel of Travelers Insurance from April 2000 to April 2001 and General Counsel of Travelers Property Casualty Corp. from May 1996 to April 2000.

Mr. Patrick W. Kenny is Director of the Assured Guaranty Ltd. He served as the President and Chief Executive Officer of the International Insurance Society in New York, an organization dedicated to fostering the exchange of ideas through a program of international seminars and sponsored research, from 2001 to 2009. From 1998 to 2001, Mr. Kenny served as executive vice president of Frontier Insurance Group, Inc. From 1995 to 1998, Mr. Kenny served as senior vice president of SS&C Technologies. From 1988 to 1994, Mr. Kenny served as Group Executive, Finance & Administration and Chief Financial Officer of Aetna Life & Casualty. Mr. Kenny serves on the board of directors of several ING mutual funds. Until December 2009, Mr. Kenny was a director and member of the Audit and the Compensation Committees of Odyssey Re Holdings Corp. Mr. Kenny has insurance industry experience, including executive experience within the industry. Mr. Kenny's service on the compensation committee of other organizations provides experience that is useful to him in his role as Chairman of the Compensation Committee. In addition, the Board benefits from Mr. Kenny's experience as an accountant.

Mr. Stephen A. Cozen is Director of Assured Guaranty Ltd. upon completion of the IPO. Mr. Cozen is the founder and Chairman of Cozen O'Connor, an internationally-recognized law firm, with its home office in Philadelphia, Pennsylvania. Mr. Cozen is a fellow in the American College of Trial Lawyers and the International Academy of Trial Lawyers. Mr. Cozen also serves on numerous educational and philanthropic boards, including the University of Pennsylvania's Institute of Law and Economics and its Law School Board of Overseers, and the Board of Counselors of the University of Southern California (Shoah Foundation Institute). Mr. Cozen is also a director of United America Indemnity, Ltd. and Haverford Trust Co.

Mr. Neil Baron is Director of the Assured Guaranty Ltd. upon completion of the company's IPO. Mr. Baron was Chairman of Criterion Research Group, LLC, an independent securities research firm from March 2002 through February 2006, at which time this firm was acquired. He was Vice Chairman and General Counsel of Fitch Ratings, a nationally recognized statistical ratings organization, from April 1989 to August 1998. Prior to joining Fitch Ratings, Mr. Baron was in private practice for more than 20 years, including at the law firm of Booth & Baron, specializing in structured finance and rating agency matters. In 2009, Mr. Baron provided consulting services to Jules Kroll in connection with the formation of a new rating agency. Mr. Baron's rating agency is particularly to the Board of Directors because ratings of the Company's operating subsidiaries directly impact their ability to successfully sell insurance. In addition, the Board benefits from Mr. Baron's insights as a structured finance lawyer.

Mr. G. Lawrence Buhl, CPA, is Director of the Assured Guaranty Ltd. upon completion of the IPO. Mr. Buhl was a partner of Ernst & Young LLP and its predecessors through 2003. During his 35-year accounting career, Mr. Buhl served as the Regional Director for Insurance Services in Ernst & Young's Philadelphia, New York and Baltimore offices and as audit engagement partner for more than 40 insurance companies, including those in the financial guaranty industry. Mr. Buhl also serves as a director for Harleysville Group, Inc. (NASDAQ:HGIC) and its majority shareholder, Harleysville Mutual Insurance Company and is chair of each company's audit committee, which position he has held since company's IPO.

Mr. Robin Monro-Davies is Director of Assured Guaranty Ltd. in August 2005. From 1997 until his retirement in 2001, Mr. Monro- Davies was Chief Executive Officer of Fitch Ratings. Mr. Monro-Davies is a director of AXA UK plc, AXA Asia Pacific Holdings and HSBC Bank plc, North American Banks Fund, European Equity Tranche Income Fund and The Ukraine Opportunity Trust PLC. Mr. Monro-Davies is also an independent director of Assured Guaranty (UK) Ltd., one of subsidiaries.

Mr. Michael T. O'Kane is Director of the Assured Guaranty Ltd. in August 2005. Until his retirement in August 2004, Mr. O'Kane was employed at TIAA-CREF (financial products) in a number of different capacities since 1986, most recently as Senior Managing Director, Securities Division. Since 2006, Mr. O'Kane has been a director of Jefferies Group, Inc., where he serves on the audit, compensation and governance committees. Mr. O'Kane's background has given him considerable experience in investment and risk management, both of which are key aspects of the Company's business and are important to the Board and Board committee deliberation.

Mr. Donald H. Layton is director of Assured Guaranty Ltd. Prior to his retirement in 2004 from J.P. Morgan Chase & Co., Mr. Layton was Vice Chairman and a member of its three person Office of the Chairman. Previously, Mr. Layton had been Co-Chief Executive Officer of J.P. Morgan, the investment bank of J.P. Morgan Chase & Co. Mr. Layton became Chairman of the Board of E*Trade Financial Corporation in late 2007 and in March 2008 he was also named as its Chief Executive Officer. He retired from both positions as of December 30, 2009. He was a Senior Advisor to The Securities Industry and Financial Markets Association and a member of the Federal Reserve Bank of New York's International Capital Markets Advisory Committee. Mr. Layton also serves as Chairman of the Board for The Partnership for the Homeless, director of the International Executive Service Corps. and a member of the Massachusetts Institute of Technology Visiting Committee for Economics. Mr. Layton possesses finance and banking experience, which is especially relevant to risk management related to sophisticated financial products such as the Company sells. He also has experience in business combinations. As a former chief executive officer of a public company, Mr. Layton has demonstrated leadership capability as well as an understanding of the wide range of complex issues that business organizations must address.

Mr. Francisco L. Borges is Director of Assured Guaranty Ltd. He is Chairman of Landmark Partners, Inc, an alternative investment management firm where he has been employed since 1999. Prior to joining Landmark, Mr. Borges was managing director of GE Capital's Financial Guaranty Insurance Company and capital markets subsidiaries. Mr. Borges is a former Treasurer for the State of Connecticut and a former Deputy Mayor of the City of Hartford, Connecticut. Mr. Borges serves on the board of directors and investment committee for Connecticut Public Television. He is also a member of the board of directors of Davis Selected Funds. Mr. Borges has in finance arising from his experience structuring and marketing financial guaranty insurance. In addition, his public service background has given him insight on public finance. His current position gives Mr. Borges insights into the financial markets in which the Company operates. Each of these areas is important to the Company's business.

Mr. Wilbur L. Ross, Jr., a Director of Assured Guaranty Ltd., is the Chairman and Chief Executive Officer of WL Ross & Co. LLC, a merchant banking firm, a position he has held since April 2000. Mr. Ross is also the Managing Member of the General Partner of WLR Recovery Fund L.P., WLR Recovery Fund II L.P., WLR Recovery Fund III L.P., WLR Recovery Fund IV L.P., Asia Recovery Fund, Asia Recovery Fund Co-Investment and Absolute Recovery Hedge Fund, India Asset Recovery Fund, Japan Real Estate Recovery Fund, and Chairman of the Investment Committee of the Taiyo Fund. Mr. Ross is also Chairman of International Coal Group, Inc., a producer of coal in Northern and Central Appalachia and the Illinois Basin, International Textile Group, Inc., a provider of global textile solutions and distinguished market brands to apparel and interior furnishings customers worldwide, Nano-Tex, LLC, a fabric innovations company located in the United States, IPE-Ross, an investment partnership investing in middle market European buyouts, and the International Automotive Components Group, a group of joint venture companies in the automotive component parts industry in North America, Europe and Brazil. Mr. Ross is a board member of Arcelor Mittal Steel Company and Compagnie Européenne de Wagons SARL in Luxembourg, Insuratex, Ltd., an insurance company in Bermuda, Blue Ocean Re Holdings Ltd., Montpelier Re Holdings Ltd., Panther Re Holdings Ltd., Nikko Electric Industry Co. Ltd., an electrical equipment company in Japan, Ohizumi Manufacturing Company, an electrical equipment company in Japan, Wagon PLC, Plascar Participacoes SA, Phoenix International Insurance Company, and Clarent Hospital Corp., an operator of acute care hospitals and related healthcare businesses. Mr. Ross is also a member of the Business Roundtable. He holds an A.B. from Yale University and an M.B.A., with distinction, from Harvard University.

Insider Holdings

Name

Shares Held

Date*

ACE BERMUDA INSURANCE LTD

38,629,000

2004 -04-28

ACE FINANCIAL SERVICES INC

35,171,000

2004 -04-28

FREDERICO DOMINIC J

919,341

2010 -06-04

WLR AGO CO INVEST L P

768,002

2008 -05-06

MILLS ROBERT B

233,561

2010 -06-04

MICHENER JAMES M

185,286

2010 -06-03

MCCARTHY SEAN W

170,200

2010 -06-03

SCHOZER MICHAEL J

125,204

2009 -09-11

BORGES FRANCISCO L

94,055

2010 -06-03

SCOTT WALTER ALFRED

75,276

2010 -06-03

Institutional Holdings

InstitutionThe 10 Largest Institutional Investors

Share Holdings

Change in Share Holdings*

Date Reported

Wellington Management Company, LLP

18,233,106

3,899,115

3/31/10

INVESCO Private Capital, Inc.

16,016,396

0

3/31/10

Fidelity Management & Research

15,236,492

2,725,088

3/31/10

Legg Mason Capital Management, Inc.

11,079,069

69,356

3/31/10

Putnam Investment Management, L.L.C.

9,298,686

2,701,085

3/31/10

Janus Capital Management LLC

7,650,835

-103,668

3/31/10

Moore Capital Management, Inc.

6,317,800

2,917,800

3/31/10

BlackRock Institutional Trust Company, N.A.

6,296,411

333,239

3/31/10

Diamond Hill Capital Management Inc.

5,485,631

1,037,511

6/30/10

Vanguard Group, Inc.

5,230,225

776,457

6/30/10

Mutual FundsThe 10 Mutual Funds with the largest holdings

Share Holdings

Change in Share Holdings*

Date Reported

Janus Contrarian Fund

5,801,900

-954,600

12/31/09

Legg Mason Capital Management Opportunity Trust

5,800,000

0

3/31/10

Fidelity Small Cap Stock Fund

5,373,033

186,912

4/30/10

Legg Mason Capital Management Special Investment Trust, Inc.

3,000,000

0

4/30/10

Putnam Voyager Fund

2,786,814

-414,523

4/30/10

Fidelity Blue Chip Growth Fund

2,437,276

-77,624

5/31/10

Diamond Hill Small Cap Fund

1,902,472

856,915

6/30/10

Vanguard Mid-Cap Index Fund

1,707,915

1,707,915

3/31/10

iShares Russell 2000 Index Fund

1,695,468

107,331

5/31/10

Diamond Hill Focus Long-Short Fund

1,674,935

-88,155

6/30/10

*Reflects the change in shares since the prior quarter's disclosure of holdings. Shares are not adjusted for stock splits. Source: Thomson Financial